Miller Greens Apartments & Townhomes is a complex built in 1954 & 1957, consisting of 7 buildings located just south of Nine Mile Road along Greenfield Road. It offers a unit mix of 44 two-bedroom units with approximately 900 sq. ft. of living space, 22 two-bedroom units with approximately 1100 sq. ft. of living space, 6 two-bedroom townhome units with approximately 1100 sq. ft. of living space, and 3 three-bedroom townhome units with 1,100 sq. ft. of living space. Notable for investors is the occupancy, which is currently at 100%, and has maintained levels between 95-100% recently. Due to Miller Greens exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Miller Greens has been well-maintained, and this offering represents a turn-key opportunity for a multifamily investor. The property is outfitted with tenant-paid forced-air furnaces.
Oak Park has outstanding access to area travel routes as it sits along the I-696 corridor, which links the west suburbs to the east suburbs, with I-75, M-10 (the Lodge), and M-1 (Woodward Avenue) all within a short distance, providing convenient commutes for residents. There are Amtrak stations in neighboring Royal Oak and Birmingham, and Detroit Metro Airport is a 20-minute drive from Oak Park. Entertainment is a short drive away as Royal Oak and Ferndale are less than a 10-minute drive and resurgent Detroit is only a 12-minute drive away. Local recreational attractions including David Shepherd Park (outdoor pool and ice rink), the Detroit Zoo, and Rackham Golf Course. Diversity has long been celebrated in Oak Park and that fine tradition continues today.
The property itself is proximate to many of the retail options in Oak Park, with Walgreens, PNC Bank, Oak Park Shopping Center, a supermarket, and many restaurants located in the vicinity, as well as Oak Park High School (1/2 Mile). Higher education opportunities are ample, with Lawrence Tech (6 miles), Wayne State University (10 miles), Henry Ford Community College (11 miles), Macomb Community College (11 miles), all being just a short drive away. Oak Park itself is home to the Michigan Jewish Institute and Yeshiva Gedolah of Greater Detroit. A major employer in Oak Park is FedEx, which is recently developed a new 300,000 sq. ft. ground distribution facility, which opened in August 2016 and is adjacent to Miller Greens Apartments.
NOTE: Owner requires one apartment to be leased back to the owner for 10 years at a market rate.